Silicon Valley Real Estate Market Trend Report:

May 2024

Santa Clara County (SCC): Home Prices & Sales Up in April

The median sales price for single-family, re-sale homes was up 11.7% compared to last year.

The average sales price for single-family, re-sale homes was up 13.7% year-over-year.

Sales of single-family, re-sale homes were up 38%, year-over-year, in April. There were 726 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.

The sales price to list price ratio rose from 109.2% to 110.7%.

Pending sales were down 43.6% year-over-year.

Inventory of single-family, re-sale homes was down for the thirteenth month in a row. It fell 0.8% compared to last year. As of May 5th, there were 639 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, rose from 22 days to 26 days. The average since 2003 is 89.

It took twelve days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.

The median sales price for condos was up 14.1% compared to last April. The average sales price gained 9.3% year-over-year.

Condo sales were up 49.5%. There were 326 condos sold in April.

The sales price to list price ratio rose from 106.1% to 106.4%.

Condo inventory was up 46.3% compared to last April.

As of May 5th, there were 332 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory stayed at thirty.

It took an average of sixteen days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

April 2024 Sales Statistics (SCC)

* Total inventory is active listings plus pending listings. Active listings do not include pending.

More information is available in our on-line report at http://avi.rereport.com/market_reports

 

 

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Lower And Higher (SCC & SMC)

April 26, 2024 — In a situation that’s not exactly the best of both worlds, economic growth turned lower in the first quarter of 2024 while inflation turned higher. A period of soft growth would likely ultimately exert the kind of downward pressure on prices that the Fed is hoping to see, but only if it is also accompanied by the enough softening in the labor markets to ease wage pressures. Of course, none of this is in place at the moment and early readings on GDP growth are known to be revised, sometimes considerably.

There’s little chance that the housing market will be strong this spring, what with little to buy, high home prices and now five-month highs for mortgage rates. Still, that’s not to say there will be no activity, and indications are that there was at least some to be seen in March. Sales of new homes last month came in at an annualized 693,000, up 8.8% from a February figure that was revised downward by 25,000 units (from an estimated 662,000 to 637,000). This change makes March’s gain in sales somewhat less impressive and also opens the prospect that a chunk of March’s reported sales may be revised away next month. Regardless, a increase is an increase, and it appears as though at least some potential home buyers are migrating over to the new construction markets to escape the frustrations of the existing home market. Even with March’s faster pace for sales, there remain plenty of new homes available to buy, as the supply of new homes is still a fat 8.2 months available. As well, and even though the price of a new home sold in March was about $25,000 higher than in February, the $430,700 price tag was also still 1.8% below the same month a year ago, and so a relative bargain compared to the 4.8% increase for existing home prices over the same period.

In addition to an upturn in sales of new homes, the Pending Home Sales Index for March from the National Association of Realtors found a 3.4% increase in the number of purchase contracts signed in March. This gain lifted this indicator of future sales to just slightly above where it was last year during the same month. Should all these signed contracts make it to the closing table, they would help lift April and May sales somewhat, putting them back on par with where they were last spring, give or take a little. Of course, mortgage rates were also somewhat lower in March than in April (and likely for at least early May, too), so the chances of a strong follow-through in those months isn’t all that likely to occur.

With mortgage rates higher over the last few weeks, it’s unsurprising that requests for mortgage credit have retreated, even if the spring homebuying season is coming up to speed. In the week ending April 19, the Mortgage Bankers Association reported that applications for mortgages declined by 2.9%, pulled backward by a 1% decline in requests for funds to purchase homes, but also by a 5.6% slump in those to refinance existing home loans. With firmer rates in place this week, activity detailed in the next report will likely retreat somewhat more.

As far as mortgage rates go, we keep hoping they’ll go lower, but they have insisted on going higher lately. That said, the as-expected PCE report on Friday seems to have at least stopped the increase for now, so that’s something, and leaves open the possibility that rates could plateau next week. Of course, what the data shows and what the Fed has to say will dictate whether that comes to pass, but as of now, we think that the average offered rate for a conforming 30-year fixed-rate mortgage may just manage to hold nearly steady when Freddie Mac’s next update comes on Thursday.

Call or email me if you have any questions.

For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.

 

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Real estate related Articles

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What Will the Future Bring?
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U.S. Commercial Foreclosures Increase in March 2024
By ATTOM Team

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The Realtors settlement is already changing the way some Americans buy and sell homes
By Samantha Delouya

California homeowners interested in building accessory dwelling units on their property just caught a break, potentially shaving off thousands of dollars in fees and permits.
In a move proponents say will help ease the Bay Area’s housing crisis, Gov. Jerry Brown on Tuesday signed Senate Bill 1069, making the so-called “granny units” easier and less expensive to build throughout the state.

For more read California eases restrictions on ‘granny units’ and http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtml

Helpful resource for home owners

Many new home owners or owners who consider remodeling or rebuilding their homes should take advantage of their county Tax Assessor web site. These web site and their respective city building departments web site typically have vest information regarding the process for applying for permits, the impact on their taxes and many other resources that home owners should be aware are available for them.

For the San Mateo County Tax Assessor office visit http://www.smcare.org/default.asp
For Santa Clara County Tax Assessor visit https://www.sccassessor.org/index.php

The Silicon Valley 150 Index Corner

The Silicon Valley’s Real estate market is a derivative of the local economy–it prospers and withers depending on how well the local innovation-based sector performs. The San Jose Mercury News tracks the performances of the largest 150 publicly traded companies headquartered in Silicon Valley through an index called the SV150, which may be found at www.mercurynews.com. Stocks are valued based on several criteria, but one of the more important criteria is a company’s future earnings. Therefore, I see the SV150 as a leading indicator for Silicon Valley’s real estate market.

Investors Corner

S&P CoreLogic Case-Shiller Index Upward Trend Persists in February 2024

NEW YORK, April 30, 2024: S&P Dow Jones Indices (S&P DJI) today released the February 2024
results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices shows
that 18 out of the 20 major metro markets reported month-over-month price increases. More than 27
years of history are available for the data series and can be accessed in full by going to CLICK HERE

U.S. Housing Markets Moving Into Rent Territory for First Time in Over 8 Years: Report

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San Mateo County (SMC): Home Prices & Sales Up in April

Sales of single-family, re-sale homes in San Mateo County rose 47.6% in April, year-over-year. There were 276 homes sold in San Mateo County last month. The average since 2000 is 398.

The median sales price for single-family, re-sale homes was up 6.6% compared to last year.

The average sales price rose 0.4% year-over-year.

The sales price to list price ratio rose from 106.3% to 106.9%.

Inventory of single-family, re-sale homes was down 4.7% compared to last year. As of May 5th, there were 342 homes for sale in San Mateo County. The average since January 2000 is 1,287.

Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, stayed at thirty-six days.

It took sixteen days, on average, to sell a home last month. That is the time from when a home is listed to when it goes into contract.

The median sales price for re-sale condos rose 32.5% year-over-year.

Year-over-year, the average sales price gained 12.6%.

Condo sales were up 48.1% year-over-year. There were 77 condos sold last month. The average since January 2003 is 122.

Inventory was up 22.6% year-over-year.

As of May 5th, there were 152 condos for sale in San Mateo County. The average since January 2003 is 350.

Days of inventory fell from fifty-nine to fifty-seven.

It took an average of twenty days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

April 2024 Sales Statistics (SMC)

* Total inventory is active listings plus pending listings. Active listings do not include pending.

You can get more information at: http://avi.rereport.com/market_reports

 

 

Call or email me if you have any questions.

For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.

 

 

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